Tax Extenders Bill Passed – With time running out, Congress has passed the long awaited tax extenders bill. Although President Obama has not yet signed the legislation into effect, his signature is expected. The bill, officially identified as the Tax Increase Prevention Act of 2014 (HR 5771), extends some very significant tax breaks through the… Continue reading →
IRS
IRS Notice of Deficiency As a Wake-up Call
Let IRS Notice of Deficiency be a Wake-Up Call Let IRS Notice of Deficiency be a Wake-Up Call – If you have received an IRS Notice of Deficiency, let it serve as an official wake-up call, informing you that you have a back tax issue that needs attention. Although a Notice of Deficiency is usually… Continue reading →
Reality Stars Suffer the Consequences of Back Taxes
Reality Stars Suffer the Consequences of Owing Back Taxes Reality Stars Suffer the Consequences of Back Taxes – The recent indictments of reality television stars Mike Sorrentino and Teresa and Joe Giudice highlight the importance of staying current with the IRS. All three, together with Mike’s brother Marc Sorrentino, were charged multiple offenses that included… Continue reading →
Is an Offer in Compromise Right for You?
Is an Offer in Compromise the Right Tax Settlement Option for You? An Offer in Compromise is a tax settlement option that allows a delinquent taxpayer to settle a back tax balance for less than the full amount owed. While it is an excellent way for a taxpayer who meets the IRS eligibility criteria to… Continue reading →
Do Not Ignore Mail from the IRS….
Why You Should Not Ignore Mail from the IRS – Although the issuance of an IRS Notice of Deficiency is usually the first step in the collection of an outstanding tax liability, ignoring it can have serious consequences. The Notice of Deficiency is an official communication from the IRS informing a taxpayer that the tax amount… Continue reading →
Tax Deadline for Citizens Living Abroad
Tax Deadline for Citizens Living Abroad – The tax filing deadline for United States citizens living abroad is on the horizon. That deadline is June 15th (pushed to June 16th for 2014). This automatic two month tax extension is granted to all overseas residents and does not require an extension request. The only condition for… Continue reading →
